Befimmo acquires Antwerp building in share deal with AXA

Befimmo has acquired a 58,000 m2 office building in Antwerp in a share deal that will see insurer AXA taking a big stake in the Belgian REIT.

The company, listed on Euronext Brussels, announced on Tuesday evening that it had signed a contribution agreement with AXA Belgium for the AMCA building in Antwerp.

The property is valued at €110 mln. The current annual rent is €7.1 mln which generates a gross initial yield of 6.4%.

In exchange, Befimmo is issuing 2 million share, priced at €54 each, for a total of €110 mln. AXA Belgium will subscribe to the shares, entering Befimmo's capital with a 9.6% stake.

AMCA, located at Italiëlei 4 in 2000 Antwerp, was completed in 1992 and is fully let for a fixed residual term of 16.5 years to the Buildings Agency (Centre des Finances/Financiecentrum).

This is Befimmo's second large transaction in recent weeks. During April Befimmo acquired the Blue Tower office building in Brussels from Morgan Stanley's P2 Value fund for about €80 mln.